At 8am this morning CMHC announced that they are increasing insurance premiums for the first time since the late '90s.
The increases are as follows:
- Up to and including 95% will go from 2.75% to 3.15%
- Up to and including 90% will go from 2% to 2.4%
- Up to and including 85% will go from 1.75% to 1.8%
- Up to and including 80% will go from 1% to 1.25%
- Up to and including 75% will go from .65% to .75%
- Up to and including 65% will go from .5% to .6%
These increases go into effect May 1, 2014. This is a good opportunity to add value to any friends, family or prospects sitting on the fence.